The Liaison Committee met December 10, 2015 at Alliance Title Parkcenter. Some of the issues discussed included:
- There were complications with the telephone connections so the call in did not work. The next two meetings are scheduled for January 14 and February 11 at Alliance Title Parkcenter. Both of these meetings will also be available via conference call. The call in number is 866-951-1151 and conference ID is 6727266.
- Please mark your calendar for the 2016 Ed Seminar that is set for March 3-4 at The Grove in downtown Boise. The seminar is a great opportunity for education and networking. The Board is offering 4 scholarships of $250/each to go towards registration and travel costs. Please circulate the attached application within your offices.
- Jim advised the DOI is processing license renewals so get them in so there are no delays in license renewal. Jim also advised they finished off the last 2015 examinations and no major issues were identified. Jim reminded that 3 year escrow audits need to be in by December 31.
- Jim advised the DOI will forward DOI Advisories to the ILTA for posting on the ILTA website. The three most recent Advisories have been posted. Jim also advised that the DOI will post 2016 escrow rates on the DOI web site.
- Martin advised that he did not expect any legislation on the oil and gas issue. We have an open dialogue with the bankers and realtors on the matter and will continue to monitor. Sen. Abby Lee will probably file something but it most likely will not impact the title industry. Martin also advised that he and Hilary met with Trent of the Bankers Association and they seemed ok with our discussion and draft proposal to clarify and address the Parkwestcase. We continue to finalize our draft and will work with Sen. Davis and Sen. Luker for their insight/approval before looking for a sponsor. we are also creating a white paper for legislators to understand the case and the need for the amendment.
- Ric will head a committee with Jesse and Martin to dialogue with the Idaho Association of Counties on flat recording fees per types of docs. The new disclosure requirements require estimation of fees and a flat fee helps to address that issue.
- There was discussion on closings done out of County from where the property is located. In past minutes the issue has been described as “title only orders where the escrow is retained by the referring outfit (in state i.e. from Boise or out of state). Out of state escrow companies are regulated by the Department of Finance. If in state, there is a question whether the escrow should be charged where the land is located or where the escrow is closed. Consumer issues have developed where the escrow is closed in a County where the property is not located and the escrow fee is greater than if closed in the County where the property is located. The scenario that has come to light is not where the matter is closed out of County for convenience or at the direction of the consumer but where the referring entity is retaining the escrow to generate escrow income. In these cases it appears that the consumer is not given notice or choice in the matter and could be paying more for service they could obtain locally in the County where the property is located. An additional issue this scenario creates is possible invalid CPL’s.” Your input is wanted and needed to fully understand the issue and how it impacts different members and areas. Please e-mail comments to Jim Scanlon at firstname.lastname@example.org . You can also respond to these minutes or contact myself or a Board member so that your voice is heard.
- A Committee is being formed to review possible Rule 56 updates. In prior minutes we discussed trade association donations, marketing allowances, educational functions and technology advances as possible areas of review. These issues affect members differently. Your Board wants all voices heard. If you have comments on these issues please submit your comments. You are also encouraged to volunteer to work on the Committee reviewing these issues. Please contact myself or a Board member with comments and if you can participate on the Committee.
- The 2016 Pacific NW convention is set for September 9-11 and will be hosted by Oregon in Sunriver.